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- Save money on your state income
taxes
- Replace quarterly estimated
payments
- Control how your state tax dollars
are spent
- Know that your purchase supports
conservation in
South Carolina
You purchase conservation credits at a discount
to the face value you claim on your state income tax return.
Use credits in a year that you have high tax liability, or
make it a habit and reduce the cost of your state income
taxes annually. Taxpayers may use conservation credits to
the full extent of their state income tax liability up to
$52,500 in any one year. Any unused portion may be
carried forward. |
| Six
reasons conservation tax credit holders work with us:
Focus – We
are the only organization chartered for the sole
purpose of making a market in South Carolina Conservation Tax
Credits.
Competitive
Price – The
Conservation Credit Exchange works to find credits for you
and educate potential sellers of the costs and benefits of selling
credits.
Professional Assistance – Unlike
other states that currently allow the transfer of conservation
tax credits, South Carolina requires not only notification
to the state but also approval of the transfer before you
can proceed. We work through the South Carolina
Department of Revenue process to obtain approval.
Value – We
are the one-stop-shop for transferring conservation credits. We
review credits to see if they meet our rigorous processes
and we work with the Department of Revenue to gain approval. In
short, we do the work for you.
Credibility – While
no organization can guarantee that the IRS won’t
challenge the value of conservation donations. We add vast
experience and understanding about conservation easements,
land trusts and tax law. Our added level of review and
credibility offers a higher degree of confidence to you – and
to others – that
the conservation donation is both in keeping with
the IRS and South Carolina tax code and is appropriately
valued.
Timeliness – We
will ensure that your credit transaction is completed
in a timely fashion. |
| Example
of Savings |
| Adj. Gross
Income |
SC Tax Liability* |
Paid at 20%
Discount |
Savings on
Taxes |
| $75,000 |
$3,735 |
$3,000 |
$735 |
| $100,000 |
$5,500 |
$4,400 |
$1,100 |
| $200,000 |
$12,500 |
$10,000 |
$ 2,500 |
| $300,000 |
$20,000 |
$16,000 |
$4,000 |
| $750,000 |
$51,000 |
$40,800 |
$10,200 |
| *Assumes
joint filers, 2 exemptions, standard deduction |
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| Buyer
Steps for Consideration of Purchase of
Tax Credits
Step 1: Download, complete and print
the following form: Buyer
Form
Step 2: Rreview all aspects of the agreement then initial,
sign and date the
completed form.
Step 3: FAX, MAIL, or Email the form as an attachmentas soon as possible using the fax number or
mailing address listed on the form.**
**Sale
of credits will be based upon two criteria – bid
price (the % of face value offered) and date. Sales
will go to the highest bid. If two bidders offer
the same purchase price, the sale will be based on the
earlier of the dates/times that completed forms were received.
Step
4: We contact you to confirm receipt of your bid. If you bid is accepted by a seller, we begin processing the transfer of credits. It generally takes 3-4 weeks to complete the transfer. You
will be asked to provide a check to us in the name of the
seller of the tax credits when we have transfer approval from the Department of Revenue..
South Carolina Conservation Credit Exchange
helps owners of credits connect with potential buyers. The
Exchange does not offer tax advice. Both buyers and
sellers of credits must rely on their own tax advisors to
advise them as to the technical aspects of the sale, purchase
and use of credits. |
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